CANADA STOCKS-TSX jumps as energy shares, Magna gain

Reuters Staff

3 Min Read

* TSX up 182.90 points, or 1.27 percent, at 14,573.33
* Nine of 10 main index sectors advance
* Magna, Tim Hortons gain after results
By John Tilak
TORONTO, Nov 5 (Reuters) - Canada's main stock index climbed
on Wednesday as gains in the energy sector helped overcome a
selloff in gold-mining shares, which were hurt by a tumbling
bullion price.
Investors cheered news of Republicans winning control of the
U.S. Senate and processed data showing U.S. private jobs growth
topped market expectations.
But the bullion price plunged to a four-year low
after the U.S. election results.
The benchmark TSX, which has been under pressure in recent
weeks due to choppy commodity prices, is up nearly 7 percent
since hitting an eight-month low last month.
"The TSX was hit hard in the last couple of days because of
the energy weakness, and it's benefiting from a rebound rally,"
said Colin Cieszynski, chief market strategist at CMC Markets,
who said that sentiment appeared to be picking up.
"The Street seems to be pretty happy with the U.S. election
results," he added. "Investors overall are optimistic about the
potential for growth in the U.S. economy."
The Toronto Stock Exchange's S&P/TSX composite index
was up 182.90 points, or 1.27 percent, at 14,573.33.
Nine of the 10 main sectors on the index were higher.
Financials, the index's most heavily weighted sector, added
1 percent. Royal Bank of Canada advanced 1.3 percent to
C$81.37, and Toronto Dominion Bank rose 1 percent to
C$56.12.
Shares of energy producers jumped 3 percent. Suncor Energy
Inc gained 3.5 percent to C$38.54, and Canadian Natural
Resources Ltd was up 3.2 percent at C$37.96.
TransCanada Corp advanced 2.8 percent on hopes that
a Republican-controlled Senate will lead to the approval of the
Keystone pipeline.
The gold-mining sector slipped, reflecting weakness in the
price of the commodity. Barrick Gold Corp shed 0.8
percent to C$12.95.
Magna International Inc reported a 47 percent jump
in third-quarter earnings. Shares of the auto parts maker shot
up 6.1 percent to C$117.29.
Tim Hortons Inc rose 0.8 percent, to C$92.61, after
the coffee chain's third-quarter profit beat market estimates.
(Editing by James Dalgleish)